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The Federal Exchequer System, also known as the Federal Exchequer, is a branch of the PSA which covers as the central bank of the United States of Antarctica. They are located in a Trans-Antarctica owned archipelago, where one major island bank would be part of it. As confirmed by the Worlds Richest Groups, Nations, and Individuals they're in sixth in the overall richest, and first in the richest groups.
After the Reserved affair, the USA economy deflated. With no central bank to save them, they had to go down to Trans-Antarctica to see the most richest banks. Trans-Antarctica major banks were located in the Pebble Archipelago; Atlampa, Banstan, New Yorkay, Goldmand, Covemond, Philly Cheesecake, Chickego, St Lewis, Cansas, Dele, and Sand Frankesta. Each had it's individual regional bank. They were all invited to a South Pole Council meeting to discuss the crisis at hand. As the representatives argued, the representative of Atlampa proposed a idea. He said that all these regional major banks in Trans-Antarctica should merge and form a nationwide "independent government organization", and become our central bank. They then should throw more pebbles and coins into the economy. The representatives then discussed this idea, and almost everyone signed (everyone else abstained). The Federal Exchequer System Act was signed.
Under the control of experience administrators and no government in the way (they did answer to Barrick Abanana), they resolved the crisis very soon. The IIRS was even proud, as was their High Sysop. The High Sysop realized he could use them to his advantage. With the help of a friend, he assumed to the position of chairman (renamed High Sysop). He limited the power of the administrators to assume more control. He began operating the bank in secret. The South Pole Council realized this and found a way to ensure this wouldn't happen. They published their act, stating that the FE must publish what they are up to. Director Benny didn't approve and it wasn't the BoF's work either. In order to get the High Sysop to dodge it, he made them publish what they were up to but they were unnoticed, even by the media, the SPC, the PSA etc and if anyone did see them, they would be forgotten.
The central bank has a firm grip on the economy. It is the only bank in the USA that has the power to print money and serves as the bank for Antarctica's commercial banks, as well as a body that the USA's government conducts financial activities through.
Governing System and Structure
The Federal Exchequer is run by a board of administrators. The administrators oversee five central bank districts in The USA, which in turn oversee the bank's branches. The central bank has at least one branch in every major population centre in the country, and has branches in some rural areas too.
The idea of a central bank has been a controversial one, as some penguins feel that it means it helps the big commercial banks receive bailouts under a too big to fail policy, which is corporate welfare. Other penguins believe that a central bank is simply not necessary, and that the USA was doing just fine without one, and that the economy would have fixed itself anyway after the Reserved affair. There are also penguins who do agree with a central bank but feel that it should be privatised, and that there should be multiple central banks competing with each other, as they believe that a central bank monopoly is not right.